California faces an unprecedented exodus as high taxes, a $31 billion deficit and a ballot-approved wealth tax push more billionaires and businesses to Florida.
The ongoing US-Iran ceasefire allowed gold and silver to react to macro and technical signals. Gold accelerated lower below $4,500 with strong bearish continuation while silver traded at $75.58.
Gold prices edged down at the start of the week in Asia as markets await signs of progress in U.S.-Iran negotiations.
The latest Kitco News Weekly Gold Survey showed Wall Street feeling fresh optimism about gold's near-term prospects, while Main Street sentiment slid into bearish territory despite gold's late-week rebound.
Gold and silver head into the new week with investors focused squarely on the health of the U.S. economy and labor market, as a busy calendar of economic data releases could significantly influence expectations for Federal Reserve policy.
In Mid-May, India's Prime Minister Narendra Modi publicly urged Indian citizens to avoid buying physical gold and silver for a year.
Gold rallies early on Friday as interest rates start to drift a bit lower. This is a market that continues to look good longer-term, but with noise coming out of the Middle East, the interest rates continue to be an issue.
As the S&P 500 soars even higher by the end of the decade, gold will be going along for the ride, says Yardeni Research.
Gold edged lower in early trade as traders assess a potential U.S.-Iran deal.
Spot gold and silver prices are higher late Thursday, as weaker U.S. growth data and a softer dollar offset inflation pressure tied to the Strait of Hormuz and U.S.-Iran headlines.
Gold's pullback below $4,500 an ounce has put U.S. interest rates back at the center of the market debate, but Rick Rule believes the more important shift for mining investors is the pressure building on producers to replace ounces through acquisitions.Speaking with Kitco Mining's Digging Deep on May 27, the President and CEO of Rule Investment Media said the move lower in gold, which had taken prices below $4,500/oz for the first time since late March, had not changed his long-term view.
The gold market has taken another hit with prices dropping below $4,500 and testing critical long-term support at its 200-day moving average.